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These excerpts taken from the ITC 10-K filed Feb 26, 2009. Purchase
Obligations and Leases
At December 31, 2008, we had purchase obligations of
$42.8 million representing commitments for materials,
services and equipment that had not been received as of
December 31, 2008, primarily for construction and
maintenance projects for which we have an executed contract. The
majority of the items relate to materials and equipment that
have long production lead times that are expected to be paid for
in 2009.
We have operating leases for office space, equipment and storage
facilities. We recognize expenses relating to our operating
lease obligations on a straight-line basis over the term of the
lease. We recognized rent expense of $0.6 million,
$1.0 million and $0.8 million for the year ended
December 31, 2008, 2007 and 2006, respectively, recorded in
general and administrative and operation and maintenance
expenses. These amounts and the amounts in the table below do
not include any expense or payments to be made under the METC
Easement Agreement described below under “Other
Commitments — METC — Amended and Restated
Easement Agreement with Consumers Energy.”
Future minimum lease payments under the leases at
December 31, 2008 were:
Purchase
Obligations and Leases
At December 31, 2008, we had purchase obligations of
$42.8 million representing commitments for materials,
services and equipment that had not been received as of
December 31, 2008, primarily for construction and
maintenance projects for which we have an executed contract. The
majority of the items relate to materials and equipment that
have long production lead times that are expected to be paid for
in 2009.
We have operating leases for office space, equipment and storage
facilities. We recognize expenses relating to our operating
lease obligations on a straight-line basis over the term of the
lease. We recognized rent expense of $0.6 million,
$1.0 million and $0.8 million for the year ended
December 31, 2008, 2007 and 2006, respectively, recorded in
general and administrative and operation and maintenance
expenses. These amounts and the amounts in the table below do
not include any expense or payments to be made under the METC
Easement Agreement described below under “Other
Commitments — METC — Amended and Restated
Easement Agreement with Consumers Energy.”
Future minimum lease payments under the leases at
December 31, 2008 were:
Purchase
Obligations and Leases
At December 31, 2008, we had purchase obligations of
$42.8 million representing commitments for materials,
services and equipment that had not been received as of
December 31, 2008, primarily for construction and
maintenance projects for which we have an executed contract. The
majority of the items relate to materials and equipment that
have long production lead times that are expected to be paid for
in 2009.
We have operating leases for office space, equipment and storage
facilities. We recognize expenses relating to our operating
lease obligations on a straight-line basis over the term of the
lease. We recognized rent expense of $0.6 million,
$1.0 million and $0.8 million for the year ended
December 31, 2008, 2007 and 2006, respectively, recorded in
general and administrative and operation and maintenance
expenses. These amounts and the amounts in the table below do
not include any expense or payments to be made under the METC
Easement Agreement described below under “Other
Commitments — METC — Amended and Restated
Easement Agreement with Consumers Energy.”
Future minimum lease payments under the leases at
December 31, 2008 were:
Purchase Obligations and Leases At December 31, 2008, we had purchase obligations of $42.8 million representing commitments for materials, services and equipment that had not been received as of December 31, 2008, primarily for construction and maintenance projects for which we have an executed contract. The majority of the items relate to materials and equipment that have long production lead times that are expected to be paid for in 2009. We have operating leases for office space, equipment and storage facilities. We recognize expenses relating to our operating lease obligations on a straight-line basis over the term of the lease. We recognized rent expense of $0.6 million, $1.0 million and $0.8 million for the year ended December 31, 2008, 2007 and 2006, respectively, recorded in general and administrative and operation and maintenance expenses. These amounts and the amounts in the table below do not include any expense or payments to be made under the METC Easement Agreement described below under “Other Commitments — METC — Amended and Restated Easement Agreement with Consumers Energy.” Future minimum lease payments under the leases at December 31, 2008 were:
Purchase Obligations and Leases At December 31, 2008, we had purchase obligations of $42.8 million representing commitments for materials, services and equipment that had not been received as of December 31, 2008, primarily for construction and maintenance projects for which we have an executed contract. The majority of the items relate to materials and equipment that have long production lead times that are expected to be paid for in 2009. We have operating leases for office space, equipment and storage facilities. We recognize expenses relating to our operating lease obligations on a straight-line basis over the term of the lease. We recognized rent expense of $0.6 million, $1.0 million and $0.8 million for the year ended December 31, 2008, 2007 and 2006, respectively, recorded in general and administrative and operation and maintenance expenses. These amounts and the amounts in the table below do not include any expense or payments to be made under the METC Easement Agreement described below under “Other Commitments — METC — Amended and Restated Easement Agreement with Consumers Energy.” Future minimum lease payments under the leases at December 31, 2008 were:
Purchase Obligations and Leases At December 31, 2008, we had purchase obligations of $42.8 million representing commitments for materials, services and equipment that had not been received as of December 31, 2008, primarily for construction and maintenance projects for which we have an executed contract. The majority of the items relate to materials and equipment that have long production lead times that are expected to be paid for in 2009. We have operating leases for office space, equipment and storage facilities. We recognize expenses relating to our operating lease obligations on a straight-line basis over the term of the lease. We recognized rent expense of $0.6 million, $1.0 million and $0.8 million for the year ended December 31, 2008, 2007 and 2006, respectively, recorded in general and administrative and operation and maintenance expenses. These amounts and the amounts in the table below do not include any expense or payments to be made under the METC Easement Agreement described below under “Other Commitments — METC — Amended and Restated Easement Agreement with Consumers Energy.” Future minimum lease payments under the leases at December 31, 2008 were:
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